Compliance Manager
Testimony of Compliance Manager Coskun Oezcan
August 2, 2023
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Another Wirecard witness questioned at Munich's Stadelheim prison court room today: Coskun Özcan, former Compliance Manager who was working in such a role first at Wirecard Bank and from 2019 on at headquarter AG.
Oezcan was questioned about multiple aspects with respect to both Wirecard bank and corporation, and could provide many insights. He knew many partner firms and was able to remember many details of partners, clients and company in the Wirecardsphere.
Wirecard witness Oezcan was after insolvency in mid 2020 also confronted with a list of 89 TPA merchants, given to him by Munich's public prosecutors on April 5, 2022 in order to provide details on these merchants. The list was assembled by testimony of ex CEO Braun.
Oezcan had multiple searches on internal IT Wirecard IT systems running, including email scanning software, and could find a total of 41 of these firms mentioned in some way in certain records.
Witness Oezcan also noted that in all searchable emails available at the time, there were no hits regarding any initial sales conversations for any of those 41 Wirecard TPA merchants.
The judge immediately asked when exactly all internal emails for Wirecard's .com and .de domains were secured and could not be deleted any longer. Oezcan replied: "on the day of bankruptcy", which is end of June 2020.
Wirecard witness Oezcan further disclosed that most known TPA business partner firms had no traceable bookings. He further stated that Wirecard Bank bought up several junk portfolios from outside vendors, repacked and resold them with profits.
After discussing a table which showed 100s of million of TPA revenue, all parties - including judge - were unsure whether a certain column reported real income generated by TPA businesses at Wirecard Bank, or at corporation. The table also projected trust account income.
Various round-tripping scenarios were presented, like from 2018 and 2019, where Wirecard made an initial large payment to a certain partner firm, which then routed a portion (10-15%) of that amount back to Wirecard, mostly using PaySafe as last round tripper firm.
Former CEO Dr. Braun's legal defence took a lot of cross-examination efforts at the end of the day, some observers speak of Wirecard witness having been partly dismantled.
Tomorrow (Aug 3) will have another Wirecard court day in Munich with some explosive revelations potentially be expected.
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